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MBE review > Contracts > Flashcards

Contracts Flashcards

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MBE flashcards
1
Q

Methods of offer termination

A
  1. Lapse of time
  2. Revocation
  3. Rejection
  4. Death
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2
Q

When offers cannot be revoked

A
  1. Option contracts
  2. Firm offers (UCC)
  3. Foreseeable reliance
  4. Starting to perform unilateral contract
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3
Q

UCC: When offeree’s term is included in contract

A
  1. Both parties are merchants AND
  2. No material change AND
  3. No objection to it within reasonable time
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4
Q

Exceptions to Mailbox Rule

A
  1. Offer states otherwise
  2. Irrevocable offers (e.g. option Ks)
  3. Rejection sent first, then acceptance
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5
Q

Unconscionability tests

A
  1. Unfair surprise

2. Oppressive terms

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6
Q

When Statute of Frauds applies

A

MYLEGS

  1. Marriage (Ks in consideration of)
  2. Year (Ks that cannot be possibly completed in 1 year)
  3. Land sales/transfers of real property
  4. Executor (promises to pay debts from estate)
  5. Sales of goods worth $500+
  6. Suretyship (promise to guarantee debt of another)
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7
Q

Exceptions to Statute of Frauds

A
  1. Leases of 1 year or less
  2. Part performance of real estate K (two of payment, possession, improvements)
  3. Full performance (NOT part) of service K
  4. Goods accepted or paid for by buyer
  5. Custom-made goods (substantial beginning on performance)
  6. Judicial admission
  7. Merchants’ confirmatory memo (both parties sign; no written objection; quantity listed)
  8. When main purpose of suretyship is to benefit oneself (main purpose exception)
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8
Q

Exceptions to parol evidence rule

A
  1. Correct a clerical error
  2. Establish a defense against formation
  3. Interpret a vague/ambiguous term
  4. Add to a partially integrated writing
  5. Later events
  6. Conditions precedent
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9
Q

Types of conduct as sources of terms

A
  1. Course of performance
  2. Course of dealing
  3. Industry standards and custom
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10
Q

Risk of loss hierarchy

A
  1. Terms of agreement
  2. Breach
  3. Delivery by common carrier
  4. Non-carrier cases
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11
Q

Who bears risk of loss in common carrier cases?

A

Shipment K: buyer, once goods with common carrier

Destination K: seller, until buyer receives goods

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12
Q

Who bears risk of loss in non-carrier cases?

A

Seller is merchant: seller, until buyer takes possession

Seller is not merchant: buyer, once seller tenders goods

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13
Q

Buyer’s options regarding rejection of goods

A
  1. Return - at seller’s expense
  2. Refund - get back any money paid
  3. Damages - get damages for breach
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14
Q

Buyer’s options upon receipt of defective goods

A
  1. Accept all
  2. Reject all
  3. Accept some and reject rest

Eligible for damages no matter what

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15
Q

Types of excuses

A
  1. Anticipatory repudiation
  2. Failure to give adequate assurances (UCC)
  3. Later agreement excusing original obligations (modification, rescission, accord/satisfaction, novation)
  4. Impossibility (common law)/impracticability (UCC)
  5. Frustration of buyer’s primary purpose
  6. Failure of an express condition
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16
Q

Types of contract damages available for buyers under UCC

A
  1. Cover damages (cover price minus K price)
  2. Market damages (market price minus K price)
  3. Loss in value (value as promised minus value delivered)
17
Q

Types of contract damages available for sellers under UCC

A
  1. Resale damages (K price minus resale price)
  2. Market damages (K price minus market price)
  3. Contract price, if goods cannot be resold
  4. Lost profit, if seller is volume dealer
18
Q

Liquidated damages requirements

A
  1. When damages were difficult to estimate at time of contract
  2. Are reasonable forecast of probable damages
  3. Are not punitive
19
Q

Types of damages

A
  1. Contract damages
  2. Incidental damages
  3. Consequential damages
  4. Subtract avoidable damages
20
Q

Questions to ask on essay Qs

A
  1. What law applies? UCC or common?
  2. Was there an offer?
  3. Was offer terminated via lapse of time, revocation, death or rejection?
  4. Was offer accepted?
  5. Was there consideration?
  6. What defenses might be available? (Incapacity? Ambiguity? Mutual mistake? Unconscionability? Duress? Statute of Frauds?)

MBE review (1 decks)

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